>> gold i think is a little bit more tricky in this kind of environment. because the shake out that we've seen will sort of dent sentiment on a multi month basis going forward. so i think we sort of tend to prefer things such as bunds where we see 10-year bund yields coming down to below 1 is% in the next six months. treasuries where we sort of see this combined with the continued fed qe purchases producing a move down to 11 is.3% yield. so i think those are the kind of clearer plays that exit in this type of environment. >>> and just talk about spanish bond markets. six-month t bill, it's 0.82 on march 12th. i'm looking for the 12-month yield. 1.274, 1.4%, so t-bill is still coming lower, michael. >> that very much reflects current market conditions and the liquidity phase that we've been in in global markets. this can probably carry for another week or two, but then i think increasingly as we sort of get into the spring and see the economic data continue to remain completely stuck in recession for europe, questions are going to start to be raised and i t